The Story of Gold since 2001 Part I
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Uploaded by itulipdotcom on Nov 18, 2011
The Story of Gold since 2001
Part I: The Tail Wags the Dog
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@patrikkorda Uh-huh. Interesting. And you're right. It has no mystic quality. It has a man-made quality. Just like all the idols men have made and worshiped through history. Basically, it is powerless. It was the sorcery men cast on it to give it power to take control of the people....the way I understand it. If it were common as rocks, they could have done nothing with it besides make jewelery at the most. Like the stuff they make cheap jewelery of...:)
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@Licmycat SDR stands for special drawing rights, it is a basket of currencies. In any case, I think gold is up there with constitutions and separations of powers because it serves as a check on legal counterfeiting. This is not because gold has some mystic quality but because it is rare, divisible, amalgamable, and durable.
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@patrikkorda What's sdr reserves? Anyway, it would prolly be best for every bit of it to disappear. Including jewelry made of it. It's time to totally change our monetary system.
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@Licmycat I suppose they would find another way to hedge against tail-risk. Perhaps they would create sdr reserves.
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IMF Gold should not count...
It is paper gold...member countries pledged gold, which is not their gold at all....
IMF is not to be trusted either, with their SDR's, which I am sure they will soon start issuing as the global fiat currency wars heats up!
Gold is the last only viable currency...
Gold doesn't ever change...
It is the silly currencies that are being made worthless lol...
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@Licmycat The conditions for agreement are poor. There is no economic leadership to drive everyone to an agreement as in 1944 when the Bretton Woods agreement was reached, or 1971 when the U.S. was still 58% of the global economy. Every alternative system will benefit some nations and hurt others. The problems are ten times larger than for euro in the euro zone. The iTulip position since 2001 is that the system reverts back to gold, at least for a time. Thank you for your interest.
itulipdotcom 3 months ago
@Licmycat That changed for the first time in 1971 when the U.S. ended the international gold standard and fiat dollars became an international currency for trade. Governments kept their gold just in case the system failed some day. The system began to fail in 2001 and the value of the gold insurance against failure of the system started to rise, as the video explains. No one can say for sure at the time whether the system can be rescued, or if some other system can be agreed to.
itulipdotcom 3 months ago
@Licmycat But over time the governments failed time and time again to fulfill the promise to not inflate the currency. Usually war was the cause of the violation of the promise, when the government was fighting for survival. But even during periods when a nation's fiat currency was stable, other nations still insisted on gold for settlement of transactions between nations. Governments have historically not trusted each other enough to adopt fiat for international trade.
itulipdotcom 3 months ago
@Licmycat The subjects then adopted the coinage for transactions among each other. Thus gold became money, both a store of value and a means of exchange. Governments, starting with the Chinese, experimented with fiat currencies, first paper currency that could be redeemed for gold, then paper backed by the faith and credit of the sovereign. These fiat currencies were rarely accepted outside the country of origin. Provided the government did not inflate the currency, it worked.
itulipdotcom 3 months ago
@Licmycat It's all quite simple, really, if one puts the ideology and mysticism aside. Gold first became money after governments wanted taxes paid not in cows or wheat but in a uniform medium that they could control. Gold fit the bill because your average subject of the realm could not just dig it up and make their own money. The government minted coins out of the gold. Laws against counterfeiting and other tricks made sure that the government got its tax revenues in full.
itulipdotcom 3 months ago